PNC Financial Services Group Inc. Has $509,000 Stake in EastGroup Properties, Inc. (NYSE:EGP)

PNC Financial Services Group Inc. trimmed its position in EastGroup Properties, Inc. (NYSE:EGPFree Report) by 6.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,773 shares of the real estate investment trust’s stock after selling 187 shares during the quarter. PNC Financial Services Group Inc.’s holdings in EastGroup Properties were worth $509,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Norges Bank acquired a new position in EastGroup Properties during the fourth quarter worth $103,931,000. Wellington Management Group LLP raised its stake in EastGroup Properties by 113.1% during the third quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust’s stock worth $115,773,000 after acquiring an additional 368,954 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in EastGroup Properties during the third quarter worth $58,974,000. Boston Partners raised its stake in EastGroup Properties by 42.7% during the fourth quarter. Boston Partners now owns 756,309 shares of the real estate investment trust’s stock worth $138,813,000 after acquiring an additional 226,169 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in EastGroup Properties by 1,206.6% during the third quarter. American Century Companies Inc. now owns 160,109 shares of the real estate investment trust’s stock worth $26,663,000 after acquiring an additional 147,855 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Price Performance

EastGroup Properties stock opened at $165.18 on Monday. The business’s 50-day simple moving average is $166.01 and its 200 day simple moving average is $174.71. The stock has a market cap of $7.95 billion, a price-to-earnings ratio of 35.83, a P/E/G ratio of 2.57 and a beta of 0.96. EastGroup Properties, Inc. has a 12-month low of $154.75 and a 12-month high of $188.85. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.63.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend is Friday, June 28th. EastGroup Properties’s dividend payout ratio (DPR) is currently 110.20%.

Analysts Set New Price Targets

Several research firms have issued reports on EGP. Royal Bank of Canada dropped their price objective on EastGroup Properties from $190.00 to $172.00 and set a “sector perform” rating for the company in a research note on Monday, May 6th. Barclays lowered their target price on EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating for the company in a research note on Monday, April 29th. JPMorgan Chase & Co. lowered their target price on EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. Truist Financial raised their target price on EastGroup Properties from $186.00 to $188.00 and gave the company a “hold” rating in a research note on Tuesday, February 20th. Finally, BMO Capital Markets initiated coverage on EastGroup Properties in a research note on Monday, April 22nd. They issued an “outperform” rating and a $190.00 target price for the company. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, EastGroup Properties currently has a consensus rating of “Hold” and a consensus price target of $183.38.

Check Out Our Latest Stock Analysis on EastGroup Properties

EastGroup Properties Company Profile

(Free Report)

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.

See Also

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Institutional Ownership by Quarter for EastGroup Properties (NYSE:EGP)

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